Homeowners who are interested in moving from their current homes are faced with more choices than ever. No matter your reason for moving, you’ll have to do something with your current property, and you have two choices for what to do: you can sell it or you can rent it out. 

Renting your home in Lloydminster, rather than selling it, can be a great investment option and can bring in some extra cash. But there are several things to consider before you make the decision to rent your home rather than selling it. Here’s what you need to ask yourself. 

1. Are you ready to be a landlord? Being a landlord is a big responsibility since you’re dealing with people’s living situations. Like any job, it does take time and energy in the form of finding tenants and then ensuring that they’re happy and that the property is in good condition.

2. What will your cash flow be if you convert to a rental? A rental property is first and foremost an investment. If it’s not going to be profitable, you are much better off selling. This is the time to pull out your calculator and do some math. Make sure that your rental income will be enough to pay the mortgage, taxes, and HOA along with taking care of repairs/maintenance, all while still making a profit.

3. Can you break even on a sale? After you’ve done the math on the rental, do some calculations on selling your home for comparison’s sake. You’ll want to see if selling the home would get you more money than the profit margin on renting would give you after a certain number of years.

4. What rules do you need to follow for an investment property? Rentals are typically regulated by laws, lenders, and taxes. Make sure you know what the rules and regulations are for a rental property in your area and factor any extra taxes or costs into the above calculations. 

Once you answer these questions, you’ll have a clearer idea of which option is the best for you. Being an expert real estate agent in Lloydminster, I can walk you through the different things to consider and help you with the calculations to make the best decision for your future. Feel free to contact me, and I’ll get you the necessary information!

Harpreet Christie

RE/MAX of Lloydminster

(780)2057653

harpreet@bordercityrealestate.com

Are you the kind of seller who thinks that staging is just another added cost as part of the process of getting your home ready for sale? If you are, you’re definitely going to want to read this. 

Staging is the process of styling and furnishing your home to show off its best features and help buyers feel like they could see themselves living in the property. 

Studies have shown that staging can increase the price that your home sells for. Instead of being just another cost, staging can make you back all the money you spend on it and then some!

According to a quarter of real estate agents, staging your home can increase the dollar amount of the offers you receive from buyers by 1 – 5%. When we’re talking about the prices of homes right now, that could be a lot of money. That’s not all: other real estate agents say that staging can increase those buyer offers by 6 – 10%! 

If your home is worth around $300,000, simply staging your home could kick your offers up an extra $3,000–$30,000! Staging is starting to sound worth that small upfront cost, right? 

Even better, there are a million different ways to stage your home. You can DIY your staging by decluttering your rooms, pulling some furniture out, and showing off the best parts of your home. Or, if you don’t have the time or the interior design skills to do that, you can hire staging out to a professional stager who will know exactly how to highlight your home’s best features. 

Overall, staging can make a big difference in the sale price of your home and can increase the amount that goes back into your pocket as the seller. That makes staging definitely worth it for any seller, especially for the small upfront cost it poses. 

If you’re looking for more information on staging or want to know whom I recommend for professional staging help in Lloydminster, just send me a message, and I will be happy to help.

Harpreet Christie

RE/MAX of Lloydminster

(780)2057653

harpreet@bordercityrealestate.com

Are you thinking about selling your home? If you are, you’ve probably wondered about how to best go about buying a new home. Do you buy before you sell? Do you sell and then buy a new home? Or are you supposed to do it at the same time?

In a normal world with a normal real estate market, you could sell your home and then buy a new home pretty easily. Yes, you could even sell a home and buy at the same time if you were on a condensed timeline.

But in Lloydminster we have a good market right now, so this can be done. 

Our current Lloydminster market has high demand from buyers and a good supply of available houses. This is the kind of market that will allow you to sell your home for a good value.

Generally speaking, most buyers are putting several offers before they get an offer accepted on a home that they love. Because the market is heavily leaning towards sellers right now, it can take a while to find the right home for you. That means that your safest option is to find and buy a home before putting your current home on the market. 

But that might not be a great option for everyone. Whether you need the equity in your current home to use as a down payment or you just don’t have the time to buy first and then sell, you have other options. You can sell your home and move out then put your furniture in storage and live in a short-term rental or with family while you find the perfect home. Alternatively, you can ask buyers for a longer closing period or put a clause in the purchase agreement to give you time to find your dream home. 

I will be able to walk you through all the options available and point you in the direction of options that fit your needs. 

If you want to talk about what’s best for your situation and your real estate goals with an expert, feel free to contact me, and we can discuss what is best for you.

Harpreet Christie

RE/MAX of Lloydminster

(780)2057653

harpreet@bordercityrealestate.com

Should I sell before the real estate market crashes in Lloydminster? This is a question a lot of homeowners are asking themselves lately. And with good reason! The real estate market has been unpredictable lately, and no one knows what the future holds. However, there are a few things you should keep in mind before making a decision.

First, it’s important to remember that the real estate market is cyclical. It goes up and down, but it always comes back up again. So even if there is a crash, it’s not likely to be permanent.

Second, Lloydminster is a unique market. Because it straddles the border between Alberta and Saskatchewan, it’s not as susceptible to market fluctuations as other cities in Canada. So even if there is a downturn, it’s not likely to be as severe here as in other places.

And finally, remember that your home is more than just an investment. It’s your home! So even if the market does crash, you don’t have to sell if you don’t want to. You can always ride it out until the market recovers.

So there you have it! Here are some things to think about if you’re considering selling your home in Lloydminster. Ultimately, the decision is up to you. But whatever you decide, I wish you the best of luck!

If you’re looking to sell your home, now might be the best time to do so! To get the stats on your neighbourhood’s market and your home. Contact me anytime, and I’ll send that info over to you!

Harpreet Christie

RE/MAX of Lloydminster

(780)2057653

harpreet@bordercityrealestate.com